Thanks Manta! You’re Awesome! 
If this is something you want to do on a regular basis, then you might want to look at a broker who supports it directly. I am with ETX Capital in the UK, their interface gives me a ‘close trade’ button. When I click this, I can elect either to close the whole trade, or some of the stake per pip, in 50 pence increments, ie. if I were in a trade at £1 a pip, I could close 50p per pip of the trade and let the remainder run to a later TP.
I have both Weekly and Monthly Pivots on my charts, I swear by them as a very useful hint as to where Price might react on the Hourly chart and upwards.
Please see my attached screenshot.
I have the following questions:
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Does anyone know the broker server time for Oanda on MT4? I din’t have time frame issues when previously using Oanda’s trading platform.
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Knowing the broker server time, how do i adjust the MT4 time frames using P4L Clock indicator?
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Is there a way to synchronise my computer system time with the MT4 time frames?
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How do i adjust my period seperator to coincide with the Daily Pivot Macro indicator?
I’ve been unable to trade on MT4 at all, because of these technical issues.
Any help to any of these questions would be very helpful to me!
Thanks!
I’m with IBFX and they have a MT4 EA, which can scale trades out quite nicely. =)
Regards,
Clark
This is a very good book, if you want to learn some cool tips how to read COT reports.
There are several ways to scale out. Some suggest 30% every 30 pips or 20 pips so that way you capture profit and at 90 pips you still have 10% of your position running. There are so many ways you need to find something that makes you comfortable.
Did anyone else stop getting updates from babypips on thread updates?
Thanks to everyone for the advice on how to scale out of my trades.
ST, I will definitely look into ETX Capital. The ‘close trade’ option you mentioned sounds like something i could work with and ive been toying with the idea of finding a UK based broker for a while.
Use the P4L Clock to work out when NY midnight is in relation to your MT4 time and adjust the Pivot and such indicators accordingly, proberbly better to turn off the period seperator and just manually mark midnight NY on your charts.
You just need to sit there with a piece of paper and pencil and work it out, don’t worry you do get used to it once you done the calculations.
Wally
I presume you use Monday to Friday for Weekly pivots, but how about Monthly pivots…do you calculate them on the 30th/31st of every month and use for the entire following calendar month?
Regards
I can’t believe it…Alpari just cut off my MT4 Demo account with all my analysis and indicators on it! Grrrrrrrrr! I guess it was bound to happen at some point, but it frustrates me because I am a British citizen with a bank account in the UK and I want to open an account but they won’t allow me to because I am resident in Japan.
EDIT: Well that is interesting. I just re-registered for a demo account with Alpari, got a new A/C number, new password, but DID NOT download a new platform. By entering the new details into my original platform I could gain immediate access to my charts again (with all the original indies and analysis etc).
Just thought I would update this because I am sure there are people out there who are using MT4 for analysis and occasional demo trades, while maintaining a different non-MT4 platform for their real accounts. If the same thing happens to you, just follow these guidelines.
Alpari are good guys, and I can’t be hard on them just because they are following international regulations.
MT4 profiles are saved on your computer, you could pretty much open with a different broker, with different server; but with profiles loaded on your computer, you have no problem accessing them. =)
Hey guys,
I’m going to try to organize my thoughts prior to London Open hopefully this helps, and of course, my analysis is not great, so I do urge others to do their own analysis and not follow mine; I can bare to lose money following my own thoughts, but would never forgive myself if someone lost money because of me. Here goes…
[B]Time:[/B]
May 9, 2011 2:27 AM
[B]Fundamentals:[/B]
USDX had closed on Friday at 74.92, which was very close to its daily high. USDX is starting to rise, signalling weakness in both the Cable and Fiber. On the hourly USDX chart, 74.00 is a strong support level which the Dollar Index has bounced off of. 30-Year bond yield seems to have bounces up a little, giving some indication that the other bonds may soon follow, this indicates further weakness in the Cable and Fiber. Fiber is at its largest net short position in over 3 years on the COT at -124 855, while Cable is at -53 460 which shows an increase in long positions by the Commercial traders. COT data is showing bearishness for the Fiber and bullishness for the Cable. Backwardization is occuring on all Pound futures and Open Interest has decreased to 115 021, this shows Cable strength. Backwardization is also occuring on all Euro futures while Open Interest has decreased to 256 728. Futures market is indicating strength for the Cable and Fiber.
[B]Technicals:[/B]
Cable market flow is short on all three time frames. Daily is showing some support at the 1.6340-80 region. Market gapped down during open and bounce from the S1 level to fill the gap, then bounced down from resistance level at 1.6380, which was last Thursday’s S2. Support on the daily at 1.6300 and resistance at 1.6420-30. Support at 1.6240 on the 4H. Fiber market flow is short on all three time frames as well. There is a support region at the 1.4350-75 area (hourly). There is a significant level at 1.4520 and 1.4375 (4H). Also support at 1.4280 (daily). Cable had made higher highs on 4H while Fiber made lower highs on the 4H, followed by a drop of 100 pips on the Fiber.
[B]Other Notes:[/B]
Not much news going on tonight except Halifax HPI for the Pound. Although long-term fundamentals are indicating a bearish movement for the Cable, the futures and COT data are showing strength for the Pound. Look for buying opportunities for the Cable. Although market flow is bearish, support appears to be present and that overcomes market flow, indicating buys as well (lesson learned from last week). Fiber seems to be showing more bearish sentiment, so I will not be trading it tonight.
PS. If anybody has a problem with me posting this here then I will gladly remove it, just tell me. =)
Regards,
Clark.
Nice analysis, Clark. If that support you talk about on the Cable breaks, then you might like to consider the following scenario. Cable entered the month at MR1 on the Monthly Pivots, and has now slipped below CPP. If the ICT PP Calculator is applicable at this level, then we could be looking for a decline to 1.5950, the MS2 target.
Oh wow, I didn’t even think about that scenario. To be honest, I haven’t really paid much attention to the Pivot Calculator… I’ve always wanted to find some time to carefully take a look at it… but just haven’t gotten around to it. But for sure, anything is possible. I will take a look at the spreadsheet when I get the chance. Thanks Ali!
Edit: At the same time, I think tonight is giving off some mixed signals, between technicals, and different fundamentals, I think I will be staying on the sidelines tonight just to see what the Cable and Fiber will do, maybe LC will be a more optimal trade this time or tomorrow’s LO.
Regards,
Clark.
Well here is another scenario just to complicate things further…Cable just entered the week at MS1 on the WEEKLY pivots, and its target is 1.6740! Talk about analysis paralysis!
EDIT: Sorry folks, I goofed again! That is MR2 Target and NOT MS2.
Hi ClarkFX,
Would you mind posting the “scaling out” EA??? Preferably the *.mq4 file, so i can see how it works…???
cheers.
No problem. I am not in a position to compare them with any other broker, as I have only ever used ETX, but I am in my second year with them and am very happy with the service, spreads, withdrawals etc. I use the scaling out option a lot and it does give a good feeling of control, with a quick, responsive interface. Even when the market it pretty choppy the system has always executed orders etc. promptly.
To be absolutely honest with you, I do not know! I use eSignal for my charting, for which I have to pay (just under £100 a month) but I like the interface as it gives me a lot of scope to customize charts etc. I just pull up a menu that gives me an option to add pivots, then I select the Pivot I want, and it appears on the chart I have open at the time, then I customize the appearance (colour, style of line etc). I use the Weekly and Monthly on my Hourly charts and all higher timeframes, and the Daily Pivots on one of my five minute charts (I have two, one with and one without, so I have a clean chart to follow, too). The Monthly Pivot line updates daily through the month, as far as I can tell from looking at the chart, so obviously strengthens as the month wears on. Previous months’ Pivots still work as S&R, also. I have my settings saved so now they are just on my charts whenever I open eSignal. Same with emas etc.
To be honest, I like to keep my trading simple, so if something works for me I run with it. These Pivots, as measured by eSignal, help my trading, so I have never looked into the maths on which they are calculated.
ST